Several Secaucus politicians were on hand Tuesday to open a
new luxury apartment complex on the banks of the Hackensack River.

Secaucus Mayor Michael Gonnelli and Deputy Mayor John
Bueckner were in attendance at the ceremony at the Osprey Cove apartments on
Meadowlands Parkway, along with members of Secaucus' town council and executives from Hartz Mountain Industries, the owners
of the building.

Together with Hartz Mountain President and COO Emanuel
Stern, Gonnelli cut the ceremonial ribbon outside of the 116-unit, four story
building.

Apartments in the building range from studios to two-bedroom
with den units. Those units will cost anywhere from $1930 to $2950 per month and
feature bamboo floors and stainless steel appliances.

The apartments are "age-targeted" at younger people working
in New York City, and the most expensive units are on the top floor of the four
story building, featuring 14-foot ceilings and skylights.

"This is their
introduction to Secaucus," Gonnelli said. "It's a springboard to a home here.
This building is a great example of redevelopment in the community."

Stern said the building was built on the site of an old
outlet center Hartz Mountain owned. He said the company chose to shift the area
to residential use after the company couldn't find multiple stores interested
in the center and decided a single store in the large space would be too risky.

"We changed our direction to residential development and
this development was the right size for a test case," he said.

Stern said the company has construction on similar complexes
in Weehawken and Jersey City and received approval for an additional 400 to 500
units in Secaucus.

Roseland Management Company will run and lease the building
to prospective residents.

Roseland's managing partner, Carl Goldberg, said the company
has been leasing out about seven units a week in what he called the beginning
of an "extensive strategic relationship" with Hartz Mountain.

"This is the first tangible accomplishment of that
relationship," he said. "It's a spectacular building."

Despite Tuesday's ribbon cutting, the building isn't finished
yet. Completion of construction is expected sometime in the fall, although
residents have started to move into the building for the past three weeks.

The building is currently about 50 percent leased and 32
percent occupied, with full occupation expected by March.